Schedule M15 - Underpayment Of Estimated Income Tax - 2014 Page 3
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42014 Schedule M15 Instructions
Underpayment of Estimated Income Tax for Individuals (Form M1)
Who Must File
Note: If any payment was made before the
• 90 percent of your current year’s original
installment due date, it is best to use the
tax liability (66.7 percent if you are a
If you are an individual, use this schedule to
regular method. Using the short method
farmer or commercial fi sherman); or
determine if you owe a penalty for under-
will cause you to pay a larger penalty than
paying estimated tax.
• 100 percent of your prior year’s total tax li-
the regular method. If the payment was only
ability—unless your federal adjusted gross
You may owe an underpayment penalty if
a few days early, the diff erence is likely to be
income on the 2013 Form M1 is more
you received income in 2014 on which $500
small.
than $150,000, you must use 110 percent
or more of Minnesota income tax is due
of your previous year’s tax liability instead
Continue with line 7 to use the optional
aft er you subtract:
of 100 percent.
short method.
• the Minnesota income tax that was with-
Nonresidents and part-year residents must
held from your income; and
If you are not eligible or you choose not to
have had at least $1 of Minnesota tax liabil-
use the optional short method, use the regu-
• the total you claim for the refundable
ity to use 100 percent of the prior year’s tax.
lar method to determine your underpay-
2014 Child and Dependent Care, Work-
ment penalty. Skip lines 7–12 and continue
Fiscal Year Taxpayers
ing Family, K-12 Education, Reading,
with line 13.
Internship, Angel Investment, Historic
If you fi le your Minnesota return on a fi scal
Structure Rehabilitation, and Job Oppor-
year basis, change the payment due dates to
Optional Short Method
tunity Building Zone (JOBZ) Jobs credits.
the 15th day of the fourth, sixth and ninth
Line 7
months of your fi scal year, and the fi rst
You do not have to pay an underpayment
Enter the total amount of 2014 estimated tax
month of your next fi scal year.
penalty if all of the following apply:
payments you made in 2014 and 2015. Do
• you did not have a Minnesota tax liability
Line Instructions
not include any other amounts on line 7.
on line 20 of your 2013 Form M1;
Th ese instructions refer to your original re-
Line 12
• you were a Minnesota resident for all of
turn. However, an amended return is consid-
Subtract line 11 from line 10. Th is is the
2013; and
ered the original return if it is fi led by the due
amount of your underpayment of estimated
date of the original return. Also, a joint Form
• your 2013 return covered a 12-month
tax penalty.
M1 that replaces previously fi led separate
period.
returns is considered the original return.
Enter this amount on line 33 of your 2014
Nonresidents and part-year residents.
Form M1.
Line 5
Determine your required annual payment
If you did not fi le a 2013 return, skip line 5
If you owe an amount on line 32 of Form
based on your Minnesota assignable ad-
and enter the amount from line 4 on line 6.
M1, add the penalty on line 12 of this
justed gross income.
schedule to the amount owed and replace
Enter the amount from line 20 of your 2013
Farmers and commercial fi shermen. If you
line 32 of Form M1 with the total.
Form M1, unless your 2013 federal adjusted
fi led Form M1 and paid your entire income
gross income (from line 37 of federal Form
If you have a refund on line 30 of Form
tax by March 1, 2015, or paid two-thirds of
1040 or line 21 of Form 1040A) was more
M1, subtract the penalty on line 12 of this
your income tax by January 15, 2015, you
than $150,000. Nonresidents and part-year
schedule from your refund and replace line
do not have to complete this schedule.
residents use Minnesota assignable adjusted
30 of Form M1 with the result.
You are considered a farmer or commercial
gross income.
fi sherman if two-thirds of your annual gross
Regular Method
If your 2013 federal adjusted gross income
income is earned by farming or commercial
Complete column A, lines 13–16. Th en,
was more than $150,000, multiply line 20 of
fi shing.
depending on whether you have an under-
your 2013 Form M1 by 110 percent (1.10).
payment or an overpayment, either continue
Exceptions to the Penalty
Enter the result on line 5 of Schedule M15.
with line 17 of column A (underpayment) or
If the Internal Revenue Service (IRS) does
line 13 of column B (overpayment).
Optional Short Method or
not require you to pay additional charges
Line 13
Regular Method
for underestimating your federal tax
Enter 25 percent (.25) of line 6 in each of
because you are newly retired or disabled,
You may use the optional short method only
the four columns on line 13, unless one of
or because of a casualty, disaster or other
if:
the three following conditions applies to
unusual circumstances, do not complete
• you did not make any estimated tax pay-
you:
Schedule M15. Include a copy of your fed-
ments (or your only payments were from
eral request with your Form M1.
1 Your taxable income was higher at some
Minnesota income tax withheld from
your wages); OR
times during the year and lower at others.
Avoiding the Penalty
• you paid your 2014 estimated tax in four
You may benefi t by fi guring your install-
To avoid an underpayment penalty of esti-
equal amounts on or before the due date
ments using the annualized income
mated tax, you must have had withholding
of each installment.
installment method. For example, if you
or made the required, timely estimated tax
payments and paid the lesser of:
Continued
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